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Millions of people in India, who have been traditionally buying gold, will have more than one option to invest in the precious yellow metal this Diwali. Prime Minister Narendra Modi on Thursday launched three gold schemes — gold monetisation scheme (GMS), sovereign gold bonds and the gold coin bearing the national emblem Ashoka Chakra on one side and Mahatma Gandhi’s image on the other — to channelise the country’s idle gold into productive use by bringing it into the formal banking system. Describing the schemes as “sone pe suhaga” (icing on the cake), Modi said gold has often been a source of women’s empowerment in the Indian society, and these schemes will underscore that sense of empowerment. “Women usually don’t own anything. House, car is usually named after their husband or son, but gold is their strength.” He added that gold coins would be a “matter of pride for the nation,” and people would no longer have to depend on foreign-minted gold bullion or coins. Underlining

PM launches gold monetisation and sovereign gold bond scheme; sale of coin also begins On Thursday, Prime Minister Narendra Modi formally launched the government’s much- awaited schemes for monetisation of citizens’ gold holdings. The function was in Delhi, at the PM’s residence. Depositors will get a 2.25 per cent interest rate for mediumterm deposits and 2.5 per cent for long- term ones. Principal and interest under the scheme will be denominated in gold. The tenure for short- term deposits will be one to three years, medium- term will be five to seven years and longterm tenure will be 12- 15 years. The short- term rate will be decided by each bank. State Bank of Indias are 0.5 per cent for one year, 0.55 per cent for two years and 0.6 per cent for three years. A source in the State Bank of India ( SBI) said theyd decided the rates on their costing and the lending rates for gold to jewellers. Banks are not giving any targets for mobilising gold under the scheme. A custome

The Securities and Exchange Board of India ( Sebi) might compel disclosure of a companys dividend policy in an initial public offering ( IPO) prospectus. “Companies could be asked to state their dividend policy upfront in the draft prospectus. This would provide clarity on the company’s philosophy, in terms of repaying shareholders,” said a source. Another source adds that the entire InterGlobe Aviation episode has not escaped regulator attention and Sebi’s move appears to be a result of this. The airline operator paid a heavy dividend to its promoters just ahead of its IPO, rendering its net worth negative. The move had drawn criticism from analysts. Currently, the regulator is engaged in discussion with market participants on proposed dividend disclosure norms and the format. Before forming any regulation, Sebi will issue a discussion paper. Surces add that Sebi could ask companies to declare a minimum dividend payment as a percentage of its earnings. “A shareholder h

Updates Of the Day 1.SEBI under Regulation 44(3) has prescribed that listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board w.e.f 01.12. 2015. 2.Ministry of Finance issued notification G.S.R. 645(E) that now summons can be served via email or fax under Securities Contract Regulations 3.Additions on account of unexplained investment on mere DVO report not sustainable:[ITAT Ahmadabad : ACIT vs. Shri Kanakkumar J. Jariwala] 4.No TDS liability on assessee for mere reimbursement of expenses : [ITAT Delhi : Luxmi Rice Mills vs. ITO] 5.Exemplary cost to be imposed on commissioner, if precedent not followed while filing appeal: [Bombay High Court: CIT-8 vs. Proctor and Gamble Home Products Ltd] For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Jaitley says NDA willing to reach out to Congress but Anand Sharma wants Narendra Modi to first shed his confrontationist stance The National Democratic Alliance (NDA) has signalled its willingness to once again reach out to the Congress for a consensus on the passage of a constitutional amendment to roll out the goods and services tax (GST) legislation. In an interview to Bloomberg on Tuesday, Union finance minister Arun Jaitley said that the NDA “was willing to speak to any of their (Congress) leaders, including vice-president Rahul Gandhi to break the impasse”. But given the heightened tensions between the parties on the issue of “increased intolerance” under the NDA regime, it remains to be seen if the Congress will reciprocate. On Tuesday, the Congress led by president Sonia Gandhi presented a memorandum to the President claiming that a sinister campaign is being conducted by forces close to the government to create social tensions. Jaitley countered the allegations by s

These professionals can now land in jail in case their co is found involved in any financial fraud The chief financial officer of a BSE-listed infrastructure company recently quit his job within months of joining, fearing he could be prosecuted because his employer — part of a group that has half a dozen other listed firms —was fabricating its accounts. “They literally made three sets of balance sheets; one for the auditor, one for the banks and one for everyone else,” the former CFO said on the condition that he and his former employer would not be named. He had quit one of the biggest oil companies in the country to join the infrastructure company about six months ago and now he is hunting for a job with some auditing firms in Mumbai at 55. It may sound like a one-off case, but it’s not; industry insiders say there have been several incidents of CFOs and other professionals fleeing from such companies, and that such cases have increased in the past six months due to stricter

The Securities and Exchange Board of India ( Sebi) on Wednesday asked listed firms to make a disclosure, within 48 hours of a board meeting about the number of shareholders who attended such meeting and the mode of voting within the prescribed format. The new norms will come into force with effect from December 1. The markets regulator said companies would have to inform about the date of the annual general meeting and extraordinary general meeting, total number of shareholders on the record date, number of shareholders (promoter and public) who attended the meeting either in person or through proxy and those who attended it through video conferencing. Business Standard, New Delhi, 5th Nov. 2015